Gold price is trading around $1,675-80, near last week's highs. Short-term trend is bullish after the bounce off the support at $1,615-20. In the Daily time frame the Ichimoku cloud indicator suggests that trend has changed from bearish to neutral as price has entered inside the Kumo. Gold bulls are still not out of danger. Support by the lower cloud boundary at $1,668 is key for the near term. The kijun-sen (yellow line indicator) provides support at $1,672 and the tenkan-sen (red line indicator) provides support at $1,648. Bulls have a lot of obstacles to overcome in order to change trend. Bulls will need to push price above the cloud resistance at $1,710. Until then Gold remains vulnerable.
